OpenAI’s Investor Exodus Fuels Anthropic’s IPO Surge as Finances Come Under Scrutiny

OpenAI’s cash burn has accelerated, with the Wall Street Journal reporting quarterly outflows of $1.2 billion, up from $800 million a year earlier. The same report notes that the company’s operating margin slipped to negative 22 percent, prompting several early‑stage backers to request redemption of their preferred shares.

Microsoft, the largest shareholder, has reportedly reduced its commitment to new cloud credits, according to the Los Angeles Times. The paper says Microsoft’s chief financial officer warned that “continued funding must be tied to measurable revenue milestones,” hinting at a shift from the generous support that helped OpenAI scale its infrastructure.

Anthropic, by contrast, posted a profit of $210 million in its most recent fiscal year, the WSJ notes, driven by a surge in enterprise contracts for its Claude 3 model. The company’s balance sheet shows $1.9 billion in cash, enough to fund operations through 2029 without additional equity.

Investors are flocking to Anthropic’s upcoming IPO, with the LA Times citing a “virtual oversubscription” from institutional buyers. The report adds that several hedge funds that previously held OpenAI positions have placed large orders for Anthropic shares, betting on the firm’s lower burn rate and clearer path to profitability.

Regulators are now scrutinizing both firms’ financial disclosures. The WSJ says the SEC has requested detailed breakdowns of OpenAI’s revenue streams, while the LA Times reports that Anthropic’s prospectus will be examined for any hidden liabilities tied to its recent acquisition of a data‑labeling startup.

The market reaction is stark: OpenAI’s stock, still privately held, has seen a 15 percent decline in its latest valuation round, whereas Anthropic’s pre‑IPO price is projected at $45 per share, a premium to comparable AI entrants, according to both sources.